Nigeria Partners Malaysia To Set-up Trade Corridor

The president of the Nigeria-Malaysia Business Council (NMBC), Dr Michael Aderohunmu, has disclosed that the Council has entered into partnership with the Nigeria Exports Promotion Council (NEPC) and the Malaysia External Trade Development Corporation (MATRADE) to set up a trade corridor.

According to him, the purpose is to boost trade and investment between the two countries, Nigeria and Malaysia.

Disclosing this during the establishment of the Nigeria-Malaysia Trade Corridor in Abuja recently, Aderohunmu, added that trade and investment are vital in driving businesses and have the capacity to galvanise resources from both countries to deepen economic growth.His words:“The world is changing rapidly, we are talking about “Trade War”,as a matter of fact, we are witnessing “New Economic Order and Trade Re-alignments,’ therefore, we have so much to do to place Nigeria -Malaysia trade relationship on a high pedestal.

“The NMBC has put emphasis on importance of improved mechanism in trade and in exchange of goods and services, mutually beneficial to our economies. The idea of establishing Nigeria-Malaysia Trade Corridor, is to improve trade conditions, taking into account the interests of both countries.”

“The trade corridor will involve series of targeted products and will build businesses around the following activity sectors, agriculture, oil and gas and SMEs.”

Aderohunmu added that the trade corridor initiative between Nigeria and Malaysia, would promote efficient service delivery and create wealth in sectors like agriculture, especiallythe oil palm and other agribusinesses.

“It means business will respond to the specificity or peculiar needs as it addresses the internal market of both countries. Nigeria needs to develop value chain in raw materials to add value through processing.

The Nigeria-Malaysia Trade Corridor will respond with trade components, that is new techniques of production, innovation and technology, to facilitate exchange of goods and services,” he added.

Also speaking at the event, the Malaysian High Commissioner to Nigeria, Her Excellency, Gloria Tiwrt, commended the sustainedrole played by the Nigeria-Malaysia Business Council in promoting economic ties between thetwo countries.

Her words: “With Nigeria-Malaysia Business Council partnering with Nigeria Exports Promotion Council and Malaysia External Trade Development Corporation on the trade corridor, it is clear that building business around bilateral relations is poised to boost domestic and augment exchange goods and services.”